How to grow your business (part 10): Seize Opportunities
In times of change, you need to be aware of the environment in which your business operates and be ever vigilant to changes. In this final post we look at how your business can position it’s self t take advantage of opportunities as they arise:
As the economy starts to strengthen, opportunities will present themselves suddenly and without warning. You need to find ways to evaluate these opportunities and assess the impact to your business both now and long term.
Ask yourself these questions:
- Which parts of the business generate the highest return on investment? Which generate the lowest?
- Would these areas benefit from increased (or reduced) investment?
- Do you have a clear view as to the impact that your product pipeline will have on your business?
- Is there an opportunity to re-engineer your business to make you more competitive?
- How do you compare with your competitors?
- Do you understand what businesses or assets you need if distressed sales came your way?
How would does your business shape up? Are you ready to seize opportunities if they present themselves?
Let us know what you think about this series of posts in the comments section below – we’re going to produce this as a down-loadable PDF, would this be useful?